EthStorage, a crypto startup that aims to scale Ethereum storage via a Layer 2 network, reached a $100 million valuation in its seed funding round.

The fundraise of $7 million was led by crypto investment fund dao5, EthStorage said in a tweet Thursday. Other investors in the round included SevenX Ventures, Foresight Ventures, Sky9 Capital, Gate Ventures and Galxe.

The funding round was structured as a simple agreement for future tokens (SAFT), Kevin Yang, managing partner at Gate Ventures, told The Block. EthStorage did not immediately respond to a request for comment.

EthStorage was founded last year by Qi Zhou, who is also the founder of blockchain infrastructure startup QuarkChain, which he founded in 2018 after working for companies like Google and Meta. QuarkChain has its own …